Types of Insurance a Contractor Should Have

Getting insurance in any type of business is a necessity, especially if it’s in a construction company, which has a high probability of people getting into accidents and other unforeseen events. These instances are why contractor’s insurance comes into play, for the sake of both the employees’ and the business owners’ pockets.
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Here is a list of different types of insurance a contractor should obtain.

Workers Compensation
This type of insurance gives the employees benefits if, in any case, they acquire injuries or illnesses while at work or are work-related. This will help them cover the employee's medical expenses. Additionally, it also provides compensation to families for work-related deaths. This type of insurance is designed to promote employees’ safety and assurance. 

Contractors Pollution Insurance
Contractors need to meet the standards of strict environmental laws before doing the projects. Contractor pollution insurance can protect them from getting sued because of violating the environmental laws and prevent their business and plans from being damaged.

Commercial General Liability Insurance
It is a form of insurance that offers coverage if there is damage or injury caused by the business operation and its products that happened on the business’s premises during a certain period of time. This insurance also covers the legal expenses during the legal case.

Builders Risk Insurance
This is a specialized type of insurance that helps protect buildings under construction. It also secures materials and equipment that might get stolen and lost. Builders’ risk insurance also covers damages due to vandalism, fire, explosions, and other natural phenomena that could take place.

Automobile Liability Insurance
Automobile liability insurance is a form of insurance that protects the insured against any financial damage due to car-related injuries, deaths, and property problems to third parties or other damages.

Roofers Insurance
This is the kind of general liability insurance that gives security if the workers get involved in work-related accidents that may lead to any physical injury or property damage on the site’s premises.

Conclusion 
Having a comprehensive insurance plan for your business is a good management solution. This ensures both the employees and other parties involved that there will be no problem while the business is taking place. Therefore, getting a contractor’s insurance is important in order to know that compliance and obligations won’t be invalidated. 

At Black and Associates Insurance, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (509) 464-0058. Get your free quote today by CLICKING HERE.